Life Insurance: How much Life Insurance do I need?

Planning to meet the financial needs of your survivors is one of the most important and fundamental steps in creating a sound financial strategy for you and your family. This step usually requires the purchase of a life insurance policy to ensure that your family's needs will continue to be met, even after your untimely death cuts your earnings potential short.

Age, Income and Assumptions

Current annual income ($)

Spouse's annual income (if applicable) ($)

Spouse's current age (if applicable)

Spouse's desired retirement age (if applicable)

Investment return (%)

Anticipated inflation rate (%)

Immediate Cash Needs

Funeral expenses ($)

Final expenses ($)

Mortgage balance ($)

Other debts ($)

Long-Term Income Needs

Desired annual income needs(typically 70-80% of current combined income) ($)

The results and explanations generated by this calculator may vary due to user input and assumptions. New York Life Insurance Company does not guarantee the accuracy of the calculators, results, explanations, nor applicability to your specific situation. We recommend that you use this calculator as a guideline only and you ultimately seek the guidance of an experienced professional.